Imtech reaches final agreement with its main financiers

After the identification of the irregularities in Germany and Poland, it became clear that Imtech was not going to meet its year-end 2012 financial covenants. On 19 March 2013, Imtech reached agreement with its main financiers on the provisional continuation of the outstanding facilities, and on 15 June 2013, the company reached final agreement with its main financiers regarding a waiver and amendment agreement for the outstanding facilities.
June 17, 2013 Read time: 1 min
After the identification of the irregularities in Germany and Poland, it became clear that 769 Imtech was not going to meet its year-end 2012 financial covenants.

On 19 March 2013, Imtech reached agreement with its main financiers on the provisional continuation of the outstanding facilities, and on 15 June 2013, the company reached final agreement with its main financiers regarding a waiver and amendment agreement for the outstanding facilities.

The main financiers will continue to make their current facilities available, under conditions customary in these circumstances. Reaching this agreement is an important step and as a result, the 2012 financial statements can now be finalised and announced shortly. Further details will be announced with the annual accounts 2012.
Urban Traffic Control

For more information on companies in this article

Related Content

  • Autonomous driving – what can we really expect?
    June 6, 2016
    Dave Marples of Technolution BV looks beyond the hype to the practical implementation of autonomous vehicles. Having looked at the development of this sector for some time, I am concerned about the current state of autonomous driving development as engineering (and marketing) have run way ahead of the wider systemic, and legislative, requirements to support an autonomous future.
    Read More
  • Iteris’ plan of compliance letter accepted by NYSE
    August 15, 2014
    The New York Stock Exchange has accepted Iteris’ plan of compliance and granted an extension until 15 October 2014 to regain compliance. Iteris previously announced that it had received a letter from the Exchange indicating that the Exchange has determined that the company was not in compliance with Sections 134 and 1101 of the Exchange’s Company Guide due to the company’s inability to file its Annual Report on Form 10-K for the year ended 31 March 2014 with the SEC by the requisite deadline. The company
    Read More
  • Further enforcement order for Sensys
    March 8, 2013
    Sensys America, US partner of Swedish supplier of enforcement systems, Sensys Traffic, has received an order worth US$630,000 for speed and red light enforcement to be supplied under a framework agreement to Washington DC. This is the second call-off order from the framework agreement signed in October 2012. Delivery is estimated to be made in the second quarter 2013. "This is a follow-up of the order we obtained in December 2012 further to the equipment being installed and approved by the end-customer in
    Read More
  • Global V2V penetration in new cars to reach 69 per cent by 2027
    November 21, 2013
    The latest analysis by ABI research expects global V2V penetration in new cars to increase from 10.9 per cent in 2018 to 69 per cent in 2027. ABI Research vice-president and practice director Dominique Bonte comments: “Huge interest in autonomous driving across the automotive ecosystem firmly positions V2X technology and applications as a key component of driverless car systems. However, some OEMs are claiming some forms of (semi)-autonomous driving can be achieved by just using in-vehicle ADAS-sensors.
    Read More

Highlighted Content